Salton slides despite agreement with senior lenders

BrendanJanuary

NEW YORK (CBS.MW) -- Salton
SFP, +2.67%
fell 9.1 percent to $6.18 after the company reached an amended forbearance agreement with its senior lenders. The deal extends the deadline to Sept. 30 for the Lake Forest, Ill., appliance provider to comply with certain financial covenants in its senior debt. Among the terms of the agreement, Salton must secure a guarantee of $25 million in additional funding by June 25 and receive the money by July 12. The amended agreement permits the interest payment of $6.7 million due on June 15, which is related to the company's 10 3/4 percent senior notes.

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